The scrip had touched a high of Rs 34 and a low of Rs 26.15 so far during the day. On BSE, 4.71 crore shares were traded in the scrip.

At the current price of Rs 26.65, the PE multiple is 15.67 based on nine-month ended December 2006 annualised EPS of Rs 1.70.

The company had priced its IPO at the top end of the Rs 17 - Rs 19 price band. Each share has a face value of Re one.

Meghmani Organics IPO ended on 7 June 2007, with 23.94 times subscription. There were total bids for 143.63 crore shares as against the issue size of 6 crore shares. The post-issue equity of the company is Rs 25.43 crore.

The bids in the qualified institutional buyers (QIBs) category were 69.96 crore shares. Foreign institutional investors (FIIs) bid for 51.91 crore shares, domestic financial institutions for 11.70 crore shares and mutual funds for 6.20 crore shares.

Non-institutional investors bid for 26.85 crore shares, and retail investors 46.81 crore shares, of which 45.23 crore shares were bid at a cut-off price and 1.58 crore were price bids

Meghmani Organics has its presence in pigments and agrochemicals, and offers a range of products catering to a diversified customer base. Within pigments, it specialises in green and blue pigments, which have varied end use applications including printing inks, plastics, rubber, paints, textiles, leather and paper.

It has four manufacturing facilities located in the chemical belt of India and enjoys several benefits owing to its integrated multi-functional plants.

The object of the IPO was to set up a new high performance pigment plant at Vatva, Ahmedabad, and a multi-purpose agro-chemicals plant at Panoli in Gujarat.

The company would also use the proceeds to invest in subsidiary, Meghmani Energy, to finance the 3-megawatt captive power plant, to fund inorganic growth and diversification opportunities and working capital requirement.

Meghmani Organics reported a net profit of Rs 32.08 crore on sales of Rs 369 crore in the nine months ended December 2006.

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